The Federal Government has concluded plans to begin the second Phase of the Government Enterprise and Empowerment Program (GEEP) in a few weeks.
The Agent Coordinator, Mustapha Umar, while briefing Enumerator Agents in Enugu after a meeting held by the Bank of Industry (BOI) and Crowdforce, encouraged the Enumerators to get fully prepared as COVID-19 Protective and Preventive equipments will be made available to prevent the spread of the disease while in the field.
The Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk, had in an inaugural meeting of the United Nations COVID-19 Basket Fund meeting held in Abuja, disclosed that the Federal Government would unveil low interest loans to additional 500,000 traders to be incorporated into the GEEP Loan Program.
Read also >>>>>>Breaking: FG restructures Social Investment Program, set to offer low interest Loan to 500,000 Traders asides Marketmoni and Tradermoni
The Agent Coordinator, Mustapha Umar, while briefing Enumerator Agents in Enugu after a meeting held by the Bank of Industry (BOI) and Crowdforce, encouraged the Enumerators to get fully prepared as COVID-19 Protective and Preventive equipments will be made available to prevent the spread of the disease while in the field.
The Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk, had in an inaugural meeting of the United Nations COVID-19 Basket Fund meeting held in Abuja, disclosed that the Federal Government would unveil low interest loans to additional 500,000 traders to be incorporated into the GEEP Loan Program.
Read also >>>>>>Breaking: FG restructures Social Investment Program, set to offer low interest Loan to 500,000 Traders asides Marketmoni and Tradermoni
The GEEP Loan Program, one of the National Social Investment Programs, is an initiative of the President Mohammadu Buhari led administration, which targets millions of Micro, Small and Medium enterprises who are the bedrock of Nigeria Economy, employing over 60 million Nigerians and contributing about 85% of our total Labour Force in the Country.
The Government Enterprise and Empowerment Program (GEEP) encompasses the Market Moni, Farmer Moni and the Trader Moni programs which have impacted the lives of many Nigerians in the past few years.
The Market Moni Program is a Federal Government micro-lending intervention that provides affordable loans of up to N100,000 (N50,000 for under-banked and unbanked first-time borrowers) at no interest rate apart from a five percent (5%) one time administrative fee, and targets about 1 million Nigerian micro businesses in all 36 states + the FCT.
An individual must belong to an accredited market association or cooperatives registered in the State or with the CAC to be able to access the Market Moni.
The first phase of the Program was conducted across the Federation including Enugu through the Enugu Small and Medium Enterprise Center (SME) and ‘Gender’ in 2017.
The Farmer Moni which is incorporated into the Market Moni targets basically Micro, Small and Medium Enterprise farmers who have access to affordable loans of up to N100,000 (N50,000 for under-banked and unbanked first-time borrowers) at no interest rate apart from a five percent (5%) one time administrative fee. Just like the Market Moni, an individual must belong to an accredited Agro/Agro processing cooperative registered in the State or with the CAC to be able to access the Farmer Moni.
While the Trader Moni is a recent product of GEEP which has seen its successful first phase implementation across the 36 States of the Federation. It is a N10,000 loan facility to petty traders, with at least 30,000 traders targeted per State and about 2 million Nigerians around the country.
The program focuses on capturing ultra-business holders, such as vegetable and fruit sellers, hawkers of bread and small items such as gala, roasters of yam and food items, kiosks, whom N10,000 loans would be meaningful in growing their business.
Upon capturing a willing beneficiary, the N10,000 loan is transferred to the beneficiary’s phone. The funds are payable back over a period of 6 months, after which the beneficiary is expected to register a BVN and open an account, to entitle the applicant with a further loan of N15,000 and above depending on the compliance with the stated agreement.
The Government Enterprise and Empowerment Program (GEEP) encompasses the Market Moni, Farmer Moni and the Trader Moni programs which have impacted the lives of many Nigerians in the past few years.
The Market Moni Program is a Federal Government micro-lending intervention that provides affordable loans of up to N100,000 (N50,000 for under-banked and unbanked first-time borrowers) at no interest rate apart from a five percent (5%) one time administrative fee, and targets about 1 million Nigerian micro businesses in all 36 states + the FCT.
An individual must belong to an accredited market association or cooperatives registered in the State or with the CAC to be able to access the Market Moni.
The first phase of the Program was conducted across the Federation including Enugu through the Enugu Small and Medium Enterprise Center (SME) and ‘Gender’ in 2017.
The Farmer Moni which is incorporated into the Market Moni targets basically Micro, Small and Medium Enterprise farmers who have access to affordable loans of up to N100,000 (N50,000 for under-banked and unbanked first-time borrowers) at no interest rate apart from a five percent (5%) one time administrative fee. Just like the Market Moni, an individual must belong to an accredited Agro/Agro processing cooperative registered in the State or with the CAC to be able to access the Farmer Moni.
While the Trader Moni is a recent product of GEEP which has seen its successful first phase implementation across the 36 States of the Federation. It is a N10,000 loan facility to petty traders, with at least 30,000 traders targeted per State and about 2 million Nigerians around the country.
The program focuses on capturing ultra-business holders, such as vegetable and fruit sellers, hawkers of bread and small items such as gala, roasters of yam and food items, kiosks, whom N10,000 loans would be meaningful in growing their business.
Upon capturing a willing beneficiary, the N10,000 loan is transferred to the beneficiary’s phone. The funds are payable back over a period of 6 months, after which the beneficiary is expected to register a BVN and open an account, to entitle the applicant with a further loan of N15,000 and above depending on the compliance with the stated agreement.
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